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Name, age: Jordan, 37
Annual income: $185,000 plus $6,960 from income properties
Debt: $457,561 in mortgages
Savings: $88,500 in savings; $44,000 in pension
What he does: tax accounting director
Where he lives: Scarborough, Ont.
A U.S. native, Jordan has lived in Canada for 12 years. A Canadian permanent resident, he originally moved to Alberta but now calls Scarborough home. The 37-year-old works as a tax accounting director at a big bank in Toronto, earning $185,000 a year.
Despite his high income, he doesn’t own a car and shares the rent for a three-bedroom townhouse with his girlfriend. The couple spends their free time eating at the many ethnic restaurants in Scarborough, a Toronto suburb know for its diverse cuisine.
“I’m a pretty frugal guy and a recovering Mormon,” he says, noting he grew up poor. “My girlfriend is helping me to enjoy life a little bit.”
Jordan marvels at the high cost of groceries and housing in Canada. “I don’t understand how Canadians make it,” he says. He says he has no plans to buy a place in what he describes as an overheated real estate market.
“Being a U.S citizen I’m a bit limited in what I can invest in, from a tax perspective,” he says, referring to how some tax-free income earned in Canada is treated differently in the U.S.
Instead, Jordan owns two properties in Utah – roughly two hours north of Las Vegas and four hours south of where he grew up in Salt Lake City. He has a $271,000 mortgage on a townhouse he purchased in 2021 and pays $1,489 a month to cover that mortgage, as well as a $197 maintenance fee. (All figures in this profile are in Canadian dollars.)
He also has a $186,000 mortgage on a condo he bought in 2022. His monthly payments there are $1,581 toward the mortgage and $237 in condo fees. Both properties are rented, bringing in $580 in monthly income after the mortgages, insurance and maintenance fees are paid.
Jordan is divorced and pays $1,000 a month in alimony and $2,751 in child support for two daughters, who live in Alberta.
In terms of splurges, Jordan loves to travel, both in the United States and to Singapore to visit his girlfriend’s family. “We travel pretty significantly,” he says.
He also flies out to visit his daughters regularly. He’d like to pass along a sense of fiscal responsibility to them. “I want them to be smart about things – and that you have to be patient and save up for things. Sometimes, you just can’t do things you want to do.”
Jordan is also civic-minded. He spends his evenings walking around the neighbourhood, calling the city hotline to report downed trees, potholes that need to be filled and overflowing garbage cans. “I’m a big fan of improving urban environments,” he says, adding that he also participates in litter pick-ups around Lake Ontario.
Jordan believes in giving back. “I’d like to set up a scholarship endowment fund for accounting students,” he says. “My undergrad was paid for by scholarships and so was my masters. I was very lucky.”
His typical monthly expenses:
Investments, savings and taxes: $7,966
$2,000 to investments. “I’m in a Canadian brokerage money market fund with an interest rate of 4.75 per cent.”
$466 to RPP. “My employer matches contributions.”
$5,500 to taxes. “I have to file a tax return in both countries each year. However my Canadian taxes are normally high enough that I don’t actually pay anything to the IRS.”
Household and transportation: $1,840
$1,800 to rent. “My girlfriend is my landlord. We have a three-bedroom townhouse.”
$0 on internet. “It is included in the rent.”
$40 on transit. “I work from home so there are just a few Presto refills per month.”
Food and drink: $400
$250 on groceries. “My girlfriend buys the groceries and I pay half. She goes to No Frills or an Asian grocery store on the corner. She loves cooking.”
$150 on eating out. “We love the ethnic places around Scarborough. We eat Jamaican, Sri Lankan and Chinese food.”
$0 on coffee. “I never picked up that habit.”
$0 on alcohol. “I grew up Mormon and she grew up Muslim – we don’t drink.”
Miscellaneous: $4,327
$17 on cellphone. “My phone is covered through work. This is a low-use plan for my girls so they can call me.”
$20 on clothing. “I work from home so I’ll shop for a pair of jeans now and then. I go to Old Navy.”
$139 on dental.
$0 on apps. “I put up with all the ads between songs on YouTube.”
$2,571 on child support.
$1,000 on alimony.
$80 to child allowances. “I give $10 a week to each daughter – it goes straight to their bank accounts to use as they please.”
$1,500 a month on vacations. “We just spent two week in the States. We’re going to Portugal in October and Mexico after that.”
Some details may be changed to protect the privacy of the person profiled. We want to thank him for sharing his story. Are you a millennial or Gen Z who would like to participate in a Paycheque Project? Send us an e-mail.
